The fleet of new and used business jets grew 6.2 percent in the Asia-Pacific region in 2015, a new report said, but growth this year and next could be stymied by slowing economic growth in China and surrounding countries and territories.
Hong Kong-based Asian Sky Group’s Asia-Pacific Business Jet Fleet Report Year End 2015 said the region comprising 21 countries or territories added 66 new business aircraft last year for a total of 1,134 new and used business aircraft.
Seventy-four used aircraft were added in the region last year, too, though the same number of used jets left the region in 2015, the report said.
The Greater China region – comprising China, Hong Kong, Macau and Taiwan – is the largest market in the Asia-Pacific region with 300 business jets. But its business jet fleet growth of 3.8 percent last year was below the region’s 6.2 percent year-over-year increase.
Australia, the second-largest business aircraft market in the Asia-Pacific region, saw its business jet fleet grow 7 percent in 2015, while India, the region’s third-largest market, saw its fleet grow 4 percent in the same period, the report said.
The lower fleet increase in Greater China, the report said, was “a significant deceleration from previous years,” and 28 fewer new business jets were delivered there in 2015 compared with 2014.
“Given that new deliveries are a consequence of OEM (original equipment manufacturer) orders placed years before, 2015’s drop is a worrying sign for 2016 and on, as it would seem to signify that the OEM sales funnel for Greater China has little backlog,” Asian Sky said in a news release accompanying its report.
The report chiefly blamed slowing economic growth in China as well as new government policies and initiatives as the cause for decreasing demand for new business jets there and in the Greater China region.
Gulfstream led business aircraft deliveries in Greater China last year, with 15. But Bombardier’s Global 6000 led with the most delivered aircraft type, with six.
Bombardier, the Canadian parent of Wichita’s Learjet, announced separately on Monday that Singapore-based Zetta Jet had exercised an option for two more Global 6000s to its fleet of six Global jets.
The report said the top three business jet manufacturers in Asia Pacific in 2015 were Bombardier, Gulfstream and Textron Aviation’s Cessna, which represent 27 percent, 23 percent, and 19 percent of the region’s new and used business aircraft fleet.
Wichita-based Cessna saw its regional fleet there grow by eight aircraft, including deliveries of five new Citation CJ4s and Excel/XLS-Plus jets, the report said.
The Big Three
The top three business aircraft manufacturers with the most market share in the Asia-Pacific region in 2015
▪ Bombardier had 27 percent share of the Asia Pacific market at the end of 2015, with 306 new and used aircraft.
▪ Gulfstream had 23 percent marketshare, with 264 new and used aircraft.
▪ Textron Aviation’s Cessna Aircraft had 19 percent market share, with 220 aircraft.
Source: Asian Sky Group